Final answer:
The project business case includes criteria, constraints, and a cost/benefit analysis to guide decision-making and measure project success. It is integral throughout the project life cycle and influences the go/no-go decision at the initiation stage.
Step-by-step explanation:
The project business case lists the criteria and constraints as well as the expected benefits and costs associated with the project. This document is crucial in defining the success of a project, comparing the actual outcomes against the initial objectives.
A business case serves not only as a reference throughout the project life cycle but might also prompt a go/no-go decision prior to project initiation. Its creation involves a comprehensive understanding of the problem definition, which encompasses the needs of customers and stakeholders, market analysis, regulatory constraints, and the availability of resources such as time, personnel, and budget.
Additionally, performing a cost/benefit analysis is a fundamental part of the decision-making process associated with the project, where the marginal costs are weighed against the marginal benefits to facilitate informed decisions.
It is essential to consider your project's audience, understanding their perspectives, cultural or social factors, and what they deem important. This understanding helps in shaping the narrative and direction of the project. Documenting the science and rationale behind the selected solution, and having a well-established mathematical model, are also integral parts to demonstrate the project's effectiveness and efficiency in meeting the client's needs.